Global thermal coal consumption and exports are set to reach new record highs in 2024, driven by rising demand, particularly from India and China, according to Reuters columnist Gavin Maguire.
So far this year, coal-fired electricity generation has increased by 2% compared to 2023, fueled by growing power needs in emerging markets. This boost in demand has also led to higher emissions from coal power, which are projected to hit a record level in 2024, according to energy think tank Ember.
Global thermal coal exports have surged as well, with a notable increase in shipments to India and China. From January to November 2024, global exports of thermal coal rose by 9 million metric tons compared to the same period last year, based on data from commodity analysts at Kpler.
Indonesia, the world’s largest coal exporter, is expected to ship over 500 million tons of coal this year, marking a historic milestone, according to Kpler’s estimates.
Last year, global coal demand grew by 2.6%, reaching an all-time high, as reported by the International Energy Agency (IEA) in July. At that time, the IEA had projected that coal demand would remain relatively flat in 2024. However, demand from China and India has continued to rise.
In China, although the share of coal in electricity generation has been decreasing due to the expansion of renewables, coal-fired power remains robust. Despite a surge in hydropower earlier this year, which reduced coal’s share in the country’sRelated Topics: energy mix during the summer, coal still accounts for about 60% of China’s electricity generation.
However, in September, hydropower output declined sharply, leading to an increase in thermal coal usage to meet rising electricity demand in the world’s second-largest economy.
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